"Who's in charge of the takeover game?" That's the question posed by Wall Street Journal columnist Alan Murray in his May 4th, 2005 column. Murray uses the battle over telecommunications company MCI to examine the issue of who really runs a public company, especially when that company is a takeover target.

Murray quotes Professor Daniel Posin of Tulane Law School and his belief that MCI's board of directors were legally required to go with the highest offer. But the board didn't and that poses additional issues.